☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Rhode Island | 05-0155090 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
1027 Newport Avenue | |||||||||||
Pawtucket, | Rhode Island | 02861 | |||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.50 par value per share | HAS | The NASDAQ Global Select Market |
Large accelerated filer | x | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
March 29, 2020 | March 31, 2019 | December 29, 2019 | June 28, 2020 | June 30, 2019 | December 29, 2019 | |||||||||||||||||||||
ASSETS | ASSETS | |||||||||||||||||||||||||
Current assets | Current assets | |||||||||||||||||||||||||
Cash and cash equivalents including restricted cash of $86,177, $0 and $0 | $ | 1,237,884 | 1,196,634 | 4,580,369 | ||||||||||||||||||||||
Accounts receivable, less allowance for doubtful accounts of $16,900 $12,100 and $17,200 | 963,823 | 638,417 | 1,410,597 | |||||||||||||||||||||||
Cash and cash equivalents including restricted cash of $71,900, $0 and $0 | Cash and cash equivalents including restricted cash of $71,900, $0 and $0 | $ | 1,038,016 | 1,151,042 | 4,580,369 | |||||||||||||||||||||
Accounts receivable, less allowance for doubtful accounts of $28,000 $17,000 and $17,200 | Accounts receivable, less allowance for doubtful accounts of $28,000 $17,000 and $17,200 | 911,320 | 805,288 | 1,410,597 | ||||||||||||||||||||||
Inventories | 444,406 | 491,751 | 446,105 | Inventories | 564,168 | 564,769 | 446,105 | |||||||||||||||||||
Prepaid expenses and other current assets | 672,390 | 305,056 | 310,450 | Prepaid expenses and other current assets | 672,163 | 308,996 | 310,450 | |||||||||||||||||||
Total current assets | 3,318,503 | 2,631,858 | 6,747,521 | Total current assets | 3,185,667 | 2,830,095 | 6,747,521 | |||||||||||||||||||
Property, plant and equipment, less accumulated depreciation of $513,200 $484,200 and $505,900 | 455,945 | 395,624 | 382,248 | |||||||||||||||||||||||
Property, plant and equipment, less accumulated depreciation of $528,200 $490,000 and $505,900 | Property, plant and equipment, less accumulated depreciation of $528,200 $490,000 and $505,900 | 482,215 | 387,372 | 382,248 | ||||||||||||||||||||||
Other assets | Other assets | |||||||||||||||||||||||||
Goodwill | 3,572,650 | 485,528 | 494,584 | Goodwill | 3,666,045 | 485,765 | 494,584 | |||||||||||||||||||
Other intangible assets, net of accumulated amortization of $608,500 $747,800 and $895,200 | 1,615,778 | 682,063 | 646,305 | |||||||||||||||||||||||
Other intangible assets, net of accumulated amortization of $855,000 $759,900 and $783,500 | Other intangible assets, net of accumulated amortization of $855,000 $759,900 and $783,500 | 1,559,050 | 670,214 | 646,305 | ||||||||||||||||||||||
Other | 1,461,483 | 739,700 | 584,970 | Other | 1,329,073 | 665,164 | 584,970 | |||||||||||||||||||
Total other assets | 6,649,911 | 1,907,291 | 1,725,859 | Total other assets | 6,554,168 | 1,821,143 | 1,725,859 | |||||||||||||||||||
Total assets | $ | 10,424,359 | 4,934,773 | 8,855,628 | Total assets | $ | 10,222,050 | 5,038,610 | 8,855,628 | |||||||||||||||||
LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY | LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||
Current liabilities | Current liabilities | |||||||||||||||||||||||||
Short-term borrowings | $ | 9,405 | 13,409 | 503 | Short-term borrowings | $ | 6,419 | 12,787 | 503 | |||||||||||||||||
Current portion of long-term debt | 64,441 | — | — | Current portion of long-term debt | 378,558 | — | — | |||||||||||||||||||
Accounts payable | 308,496 | 234,262 | 343,927 | Accounts payable | 335,236 | 330,053 | 343,927 | |||||||||||||||||||
Accrued liabilities | 1,356,214 | 701,054 | 912,652 | Accrued liabilities | 1,261,352 | 729,856 | 912,652 | |||||||||||||||||||
Total current liabilities | 1,738,556 | 948,725 | 1,257,082 | Total current liabilities | 1,981,565 | 1,072,696 | 1,257,082 | |||||||||||||||||||
Long-term debt | 5,156,290 | 1,695,462 | 4,046,457 | Long-term debt | 4,802,509 | 1,695,833 | 4,046,457 | |||||||||||||||||||
Other liabilities | 738,965 | 636,055 | 556,559 | Other liabilities | 771,692 | 554,212 | 556,559 | |||||||||||||||||||
Total liabilities | 7,633,811 | 3,280,242 | 5,860,098 | Total liabilities | 7,555,766 | 3,322,741 | 5,860,098 | |||||||||||||||||||
Redeemable noncontrolling interests | 26,041 | — | — | Redeemable noncontrolling interests | 24,133 | — | — | |||||||||||||||||||
Shareholders' equity | Shareholders' equity | |||||||||||||||||||||||||
Preference stock of $2.50 par value. Authorized 5,000,000 shares; none issued | — | — | — | |||||||||||||||||||||||
Common stock of $0.50 par value. Authorized 600,000,000 shares; issued 220,286,736 at March 29, 2020, 209,694,630 at March 31, 2019, and 220,286,736 at December 29, 2019 | 110,143 | 104,847 | 110,143 | |||||||||||||||||||||||
Preference stock of $2.50 par value. Authorized 5,000,000 shares; NaN issued | Preference stock of $2.50 par value. Authorized 5,000,000 shares; NaN issued | — | — | — | ||||||||||||||||||||||
Common stock of $0.50 par value. Authorized 600,000,000 shares; issued 220,286,736 shares at June 28, 2020, 209,694,630 shares at June 30, 2019, and 220,286,736 shares at December 29, 2019 | Common stock of $0.50 par value. Authorized 600,000,000 shares; issued 220,286,736 shares at June 28, 2020, 209,694,630 shares at June 30, 2019, and 220,286,736 shares at December 29, 2019 | 110,143 | 104,847 | 110,143 | ||||||||||||||||||||||
Additional paid-in capital | 2,282,379 | 1,269,230 | 2,275,726 | Additional paid-in capital | 2,297,267 | 1,290,540 | 2,275,726 | |||||||||||||||||||
Retained earnings | 4,191,810 | 4,125,686 | 4,354,619 | Retained earnings | 4,064,715 | 4,053,266 | 4,354,619 | |||||||||||||||||||
Accumulated other comprehensive loss | (294,772 | ) | (282,339 | ) | (184,220 | ) | Accumulated other comprehensive loss | (308,128) | (173,175) | (184,220) | ||||||||||||||||
Treasury stock, at cost; 83,279,734 shares at March 29, 2020; 83,830,809 shares at March 31, 2019; and 83,424,129 shares at December 29, 2019 | (3,560,336 | ) | (3,562,893 | ) | (3,560,738 | ) | ||||||||||||||||||||
Treasury stock, at cost; 83,264,365 shares at June 28, 2020; 83,488,022 shares at June 30, 2019; and 83,424,129 shares at December 29, 2019 | Treasury stock, at cost; 83,264,365 shares at June 28, 2020; 83,488,022 shares at June 30, 2019; and 83,424,129 shares at December 29, 2019 | (3,559,990) | (3,559,609) | (3,560,738) | ||||||||||||||||||||||
Noncontrolling interests | 35,283 | — | — | Noncontrolling interests | 38,144 | — | — | |||||||||||||||||||
Total shareholders' equity | 2,764,507 | 1,654,531 | 2,995,530 | Total shareholders' equity | 2,642,151 | 1,715,869 | 2,995,530 | |||||||||||||||||||
Total liabilities, noncontrolling interests and shareholders' equity | $ | 10,424,359 | 4,934,773 | 8,855,628 | Total liabilities, noncontrolling interests and shareholders' equity | $ | 10,222,050 | 5,038,610 | 8,855,628 |
Quarter Ended | Quarter Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||
March 29, 2020 | March 31, 2019 | June 28, 2020 | June 30, 2019 | June 28, 2020 | June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Net revenues | $ | 1,105,570 | 732,510 | Net revenues | $ | 860,279 | 984,537 | $ | 1,965,849 | 1,717,047 | |||||||||||||||||||||||||||||||
Costs and expenses: | Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||
Cost of sales | 262,694 | 259,987 | Cost of sales | 253,245 | 343,694 | 515,939 | 603,681 | ||||||||||||||||||||||||||||||||||
Program cost amortization | 132,146 | 6,575 | Program cost amortization | 50,675 | 23,502 | 182,821 | 30,077 | ||||||||||||||||||||||||||||||||||
Royalties | 112,822 | 59,888 | Royalties | 97,337 | 71,061 | 210,159 | 130,949 | ||||||||||||||||||||||||||||||||||
Product development | 53,829 | 56,260 | Product development | 58,325 | 65,632 | 112,154 | 121,892 | ||||||||||||||||||||||||||||||||||
Advertising | 101,641 | 76,604 | Advertising | 72,366 | 92,799 | 174,007 | 169,403 | ||||||||||||||||||||||||||||||||||
Amortization of intangibles | 36,811 | 11,816 | Amortization of intangibles | 34,702 | 11,815 | 71,513 | 23,631 | ||||||||||||||||||||||||||||||||||
Selling, distribution and administration | 279,128 | 225,253 | Selling, distribution and administration | 281,192 | 247,701 | 560,320 | 472,954 | ||||||||||||||||||||||||||||||||||
Acquisition and related costs | 149,782 | — | Acquisition and related costs | 10,262 | — | 160,044 | — | ||||||||||||||||||||||||||||||||||
Total costs and expenses | 1,128,853 | 696,383 | Total costs and expenses | 858,104 | 856,204 | 1,986,957 | 1,552,587 | ||||||||||||||||||||||||||||||||||
Operating profit (loss) | (23,283 | ) | 36,127 | Operating profit (loss) | 2,175 | 128,333 | (21,108) | 164,460 | |||||||||||||||||||||||||||||||||
Non-operating (income) expense: | Non-operating (income) expense: | ||||||||||||||||||||||||||||||||||||||||
Interest expense | 54,725 | 22,314 | Interest expense | 49,577 | 22,018 | 104,302 | 44,332 | ||||||||||||||||||||||||||||||||||
Interest income | (4,667 | ) | (7,682 | ) | Interest income | (1,031) | (5,996) | (5,698) | (13,678) | ||||||||||||||||||||||||||||||||
Other expense (income), net | (1,459 | ) | (8,100 | ) | Other expense (income), net | (2,643) | 106,203 | (4,102) | 98,103 | ||||||||||||||||||||||||||||||||
Total non-operating expense, net | 48,599 | 6,532 | Total non-operating expense, net | 45,903 | 122,225 | 94,502 | 128,757 | ||||||||||||||||||||||||||||||||||
Earnings (loss) before income taxes | (71,882 | ) | 29,595 | Earnings (loss) before income taxes | (43,728) | 6,108 | (115,610) | 35,703 | |||||||||||||||||||||||||||||||||
Income tax (benefit) expense | (4,072 | ) | 2,868 | Income tax (benefit) expense | (10,830) | (7,325) | (14,902) | (4,457) | |||||||||||||||||||||||||||||||||
Net earnings (loss) | (67,810 | ) | 26,727 | Net earnings (loss) | (32,898) | 13,433 | (100,708) | 40,160 | |||||||||||||||||||||||||||||||||
Net earnings attributable to noncontrolling interests | 1,827 | — | Net earnings attributable to noncontrolling interests | 1,017 | — | 2,844 | — | ||||||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Hasbro, Inc. | (69,637 | ) | 26,727 | Net earnings (loss) attributable to Hasbro, Inc. | $ | (33,915) | 13,433 | $ | (103,552) | 40,160 | |||||||||||||||||||||||||||||||
Net earnings (loss) per common share: | Net earnings (loss) per common share: | ||||||||||||||||||||||||||||||||||||||||
Basic | $ | (0.51 | ) | 0.21 | Basic | $ | (0.25) | 0.11 | $ | (0.75) | 0.32 | ||||||||||||||||||||||||||||||
Diluted | $ | (0.51 | ) | 0.21 | Diluted | $ | (0.25) | 0.11 | $ | (0.75) | 0.32 | ||||||||||||||||||||||||||||||
Cash dividends declared per common share | $ | 0.68 | 0.68 | Cash dividends declared per common share | $ | 0.68 | 0.68 | $ | 1.36 | 1.36 |
Quarter Ended | Quarter Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||
March 29, 2020 | March 31, 2019 | June 28, 2020 | June 30, 2019 | June 28, 2020 | June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Net earnings (loss) | $ | (67,810 | ) | 26,727 | Net earnings (loss) | $ | (32,898) | 13,433 | $ | (100,708) | 40,160 | ||||||||||||||||||||||||||||||
Other comprehensive earnings (loss): | Other comprehensive earnings (loss): | ||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | (131,767 | ) | 6,993 | ||||||||||||||||||||||||||||||||||||||
Unrealized holding (losses) gains on available-for-sale securities, net of tax | (410 | ) | 265 | ||||||||||||||||||||||||||||||||||||||
Net gains on cash flow hedging activities, net of tax | 25,015 | 6,592 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | Foreign currency translation adjustments, net of tax | (7,197) | 3,334 | (138,964) | 10,327 | ||||||||||||||||||||||||||||||||||||
Unrealized holding gains on available-for-sale securities, net of tax | Unrealized holding gains on available-for-sale securities, net of tax | 2,534 | 290 | 2,124 | 555 | ||||||||||||||||||||||||||||||||||||
Net (losses) gains on cash flow hedging activities, net of tax | Net (losses) gains on cash flow hedging activities, net of tax | (3,691) | (2,079) | 21,324 | 4,513 | ||||||||||||||||||||||||||||||||||||
Changes in unrecognized pension amounts, net of tax | Changes in unrecognized pension amounts, net of tax | — | 19,589 | — | 19,589 | ||||||||||||||||||||||||||||||||||||
Reclassifications to earnings (loss), net of tax: | Reclassifications to earnings (loss), net of tax: | ||||||||||||||||||||||||||||||||||||||||
Net gains on cash flow hedging activities | (3,664 | ) | (2,814 | ) | Net gains on cash flow hedging activities | (5,278) | (1,982) | (8,942) | (4,796) | ||||||||||||||||||||||||||||||||
Amortization of unrecognized pension and postretirement amounts | 274 | 1,139 | Amortization of unrecognized pension and postretirement amounts | 276 | 4,160 | 550 | 5,299 | ||||||||||||||||||||||||||||||||||
Settlement of U.S. defined benefit plan | Settlement of U.S. defined benefit plan | — | 85,852 | — | 85,852 | ||||||||||||||||||||||||||||||||||||
Total other comprehensive earnings (loss), net of tax | (110,552 | ) | 12,175 | Total other comprehensive earnings (loss), net of tax | (13,356) | 109,164 | (123,908) | 121,339 | |||||||||||||||||||||||||||||||||
Total comprehensive earnings attributable to noncontrolling interests | 1,827 | — | Total comprehensive earnings attributable to noncontrolling interests | 1,017 | — | 2,844 | — | ||||||||||||||||||||||||||||||||||
Total comprehensive earnings (loss) attributable to Hasbro, Inc. | $ | (180,189 | ) | 38,902 | Total comprehensive earnings (loss) attributable to Hasbro, Inc. | $ | (47,271) | 122,597 | $ | (227,460) | 161,499 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 29, 2020 | March 31, 2019 | June 28, 2020 | June 30, 2019 | ||||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||||||||||
Net earnings (loss) | $ | (67,810 | ) | 26,727 | Net earnings (loss) | $ | (100,708) | 40,160 | |||||||||||||||
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||||||||||||||||||||||
Depreciation of plant and equipment | 23,666 | 27,028 | Depreciation of plant and equipment | 56,587 | 62,408 | ||||||||||||||||||
Amortization of intangibles | 36,811 | 11,816 | Amortization of intangibles | 71,513 | 23,631 | ||||||||||||||||||
Asset impairments | 40,878 | — | Asset impairments | 40,878 | — | ||||||||||||||||||
Program cost amortization | 132,146 | 6,575 | Program cost amortization | 182,821 | 30,077 | ||||||||||||||||||
Deferred income taxes | (3,127 | ) | 11,795 | Deferred income taxes | (11,086) | (15,236) | |||||||||||||||||
Stock-based compensation | 10,651 | 5,285 | Stock-based compensation | 26,130 | 15,894 | ||||||||||||||||||
Non-cash pension settlement | Non-cash pension settlement | — | 110,777 | ||||||||||||||||||||
Other non-cash items | 8,418 | (3,503 | ) | Other non-cash items | 7 | (8,241) | |||||||||||||||||
Change in operating assets and liabilities net of acquired balances: | Change in operating assets and liabilities net of acquired balances: | ||||||||||||||||||||||
Decrease in accounts receivable | 653,687 | 558,888 | Decrease in accounts receivable | 721,973 | 431,557 | ||||||||||||||||||
Increase in inventories | (13,933 | ) | (50,109 | ) | Increase in inventories | (125,356) | (119,647) | ||||||||||||||||
Increase in prepaid expenses and other current assets | (22,965 | ) | (33,934 | ) | Increase in prepaid expenses and other current assets | (40,190) | (33,073) | ||||||||||||||||
Program production costs, net | (168,043 | ) | (17,728 | ) | Program production costs, net | (220,376) | (59,417) | ||||||||||||||||
Decrease in accounts payable and accrued liabilities | (315,781 | ) | (273,955 | ) | Decrease in accounts payable and accrued liabilities | (344,414) | (134,574) | ||||||||||||||||
Change in net deemed repatriation tax | Change in net deemed repatriation tax | — | (14,550) | ||||||||||||||||||||
Other | (22,971 | ) | (4,391 | ) | Other | 560 | 6,510 | ||||||||||||||||
Net cash provided by operating activities | 291,627 | 264,494 | Net cash provided by operating activities | 258,339 | 336,276 | ||||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | ||||||||||||||||||||||
Additions to property, plant and equipment | (30,833 | ) | (25,201 | ) | Additions to property, plant and equipment | (64,009) | (58,195) | ||||||||||||||||
Acquisitions, net of cash acquired | (4,403,929 | ) | — | Acquisitions, net of cash acquired | (4,403,929) | — | |||||||||||||||||
Other | 4,271 | (1,800 | ) | Other | 13,152 | (2,281) | |||||||||||||||||
Net cash utilized by investing activities | (4,430,491 | ) | (27,001 | ) | Net cash utilized by investing activities | (4,454,786) | (60,476) | ||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | ||||||||||||||||||||||
Proceeds from borrowings with maturity greater than three months | 1,017,689 | — | Proceeds from borrowings with maturity greater than three months | 1,023,453 | — | ||||||||||||||||||
Repayments of borrowings with maturity greater than three months | (50,186 | ) | — | Repayments of borrowings with maturity greater than three months | (98,193) | — | |||||||||||||||||
Net repayments of other short-term borrowings | (1,424 | ) | 3,419 | ||||||||||||||||||||
Net (repayments of) proceeds from other short-term borrowings | Net (repayments of) proceeds from other short-term borrowings | (4,480) | 3,095 | ||||||||||||||||||||
Purchases of common stock | — | (47,479 | ) | Purchases of common stock | — | (58,633) | |||||||||||||||||
Stock-based compensation transactions | 1,830 | 2,335 | Stock-based compensation transactions | 1,830 | 25,779 | ||||||||||||||||||
Dividends paid | (93,162 | ) | (79,274 | ) | Dividends paid | (186,243) | (164,908) | ||||||||||||||||
Payments related to tax withholding for share-based compensation | (5,307 | ) | (11,880 | ) | Payments related to tax withholding for share-based compensation | (5,669) | (11,889) | ||||||||||||||||
Redemption of equity instruments | (47,399 | ) | — | Redemption of equity instruments | (47,399) | — | |||||||||||||||||
Deferred acquisition payments | — | (87,500 | ) | Deferred acquisition payments | — | (100,000) | |||||||||||||||||
Other | (2,572 | ) | — | Other | (4,835) | — | |||||||||||||||||
Net cash provided (utilized) by financing activities | 819,469 | (220,379 | ) | Net cash provided (utilized) by financing activities | 678,464 | (306,556) | |||||||||||||||||
Effect of exchange rate changes on cash | (23,090 | ) | (2,851 | ) | Effect of exchange rate changes on cash | (24,370) | (573) | ||||||||||||||||
(Decrease) increase in cash, cash equivalents and restricted cash | (3,342,485 | ) | 14,263 | ||||||||||||||||||||
Decrease in cash, cash equivalents and restricted cash | Decrease in cash, cash equivalents and restricted cash | (3,542,353) | (31,329) | ||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of year | 4,580,369 | 1,182,371 | Cash, cash equivalents and restricted cash at beginning of year | 4,580,369 | 1,182,371 | ||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,237,884 | 1,196,634 | Cash, cash equivalents and restricted cash at end of period | $ | 1,038,016 | 1,151,042 | ||||||||||||||||
Supplemental information | Supplemental information | ||||||||||||||||||||||
Cash paid during the period for: | Cash paid during the period for: | ||||||||||||||||||||||
Interest | $ | 13,479 | 28,576 | Interest | $ | 81,456 | 40,807 | ||||||||||||||||
Income taxes | $ | 19,915 | 13,019 | Income taxes | $ | 30,449 | 40,014 |
Quarter Ended June 28, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter Ended March 29, 2020 | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Noncontrolling Interests | Total Shareholders' Equity | Redeemable Noncontrolling Interests | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Noncontrolling Interests | Total Shareholders' Equity | Redeemable Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 29, 2019 | $ | 110,143 | 2,275,726 | 4,354,619 | (184,220 | ) | (3,560,738 | ) | — | $ | 2,995,530 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 29, 2020 | Balance, March 29, 2020 | $ | 110,143 | 2,282,379 | 4,191,810 | (294,772) | (3,560,336) | 35,283 | $ | 2,764,507 | $ | 26,041 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests related to acquisition of Entertainment One Ltd. | — | — | — | — | — | 39,925 | 39,925 | 23,596 | Noncontrolling interests related to acquisition of Entertainment One Ltd. | — | — | — | — | — | (1,364) | (1,364) | 2,645 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Hasbro, Inc. | — | — | (69,637 | ) | — | — | — | (69,637 | ) | — | Net loss attributable to Hasbro, Inc. | — | — | (33,915) | — | — | — | (33,915) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings (loss) attributable to noncontrolling interests | — | — | — | — | — | (1,864 | ) | (1,864 | ) | 37 | Net earnings (loss) attributable to noncontrolling interests | — | — | — | — | — | 1,104 | 1,104 | (87) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (110,552 | ) | — | — | (110,552 | ) | — | Other comprehensive loss | — | — | — | (13,356) | — | — | (13,356) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation transactions | — | (3,998 | ) | — | — | 402 | — | (3,596 | ) | — | Stock-based compensation transactions | — | (290) | — | — | 45 | — | (245) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | 10,651 | — | — | — | — | 10,651 | — | Stock-based compensation expense | — | 15,178 | — | — | 301 | — | 15,479 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | (93,172 | ) | — | — | — | (93,172 | ) | — | Dividends declared | — | — | (93,180) | — | — | — | (93,180) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions paid to noncontrolling owners | — | — | — | — | — | (2,778 | ) | (2,778 | ) | 2,408 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 29, 2020 | $ | 110,143 | $ | 2,282,379 | $ | 4,191,810 | $ | (294,772 | ) | $ | (3,560,336 | ) | $ | 35,283 | $ | 2,764,507 | $ | 26,041 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions paid to noncontrolling owners and other foreign exchange | Distributions paid to noncontrolling owners and other foreign exchange | — | — | — | — | — | 3,121 | 3,121 | (4,466) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 28, 2020 | Balance, June 28, 2020 | $ | 110,143 | 2,297,267 | 4,064,715 | (308,128) | (3,559,990) | 38,144 | $ | 2,642,151 | $ | 24,133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter Ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Noncontrolling Interests | Total Shareholders' Equity | Redeemable Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2019 | Balance, March 31, 2019 | $ | 104,847 | 1,269,230 | 4,125,686 | (282,339) | (3,562,893) | — | $ | 1,654,531 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | — | — | 13,433 | — | — | — | 13,433 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter Ended March 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Noncontrolling Interests | Total Shareholders' Equity | Redeemable Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 30, 2018 | $ | 104,847 | 1,275,059 | 4,184,374 | (294,514 | ) | (3,515,280 | ) | — | $ | 1,754,486 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | 26,727 | — | — | — | 26,727 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive earnings | — | — | — | 12,175 | — | — | 12,175 | — | Other comprehensive earnings | — | — | — | 109,164 | — | — | 109,164 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation transactions | — | (11,114 | ) | — | — | 1,569 | — | (9,545 | ) | — | Stock-based compensation transactions | — | 10,937 | — | — | 12,499 | — | 23,436 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of common stock | — | — | — | — | (49,182 | ) | — | (49,182 | ) | — | Purchases of common stock | — | — | — | — | (9,451) | — | (9,451) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | 5,285 | — | — | — | — | 5,285 | — | Stock-based compensation expense | — | 10,373 | — | — | 236 | — | 10,609 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | (85,415 | ) | — | — | — | (85,415 | ) | — | Dividends declared | — | — | (85,853) | — | — | — | (85,853) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2019 | $ | 104,847 | $ | 1,269,230 | $ | 4,125,686 | $ | (282,339 | ) | $ | (3,562,893 | ) | $ | — | $ | 1,654,531 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | Balance, June 30, 2019 | $ | 104,847 | 1,290,540 | 4,053,266 | (173,175) | (3,559,609) | — | $ | 1,715,869 | $ | — |
Six Months Ended June 28, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Noncontrolling Interests | Total Shareholders' Equity | Redeemable Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 29, 2019 | $ | 110,143 | 2,275,726 | 4,354,619 | (184,220) | (3,560,738) | — | $ | 2,995,530 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests related to acquisition of Entertainment One Ltd. | — | — | — | — | — | 38,561 | 38,561 | 26,241 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Hasbro, Inc. | — | — | (103,552) | — | — | — | (103,552) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings (loss) attributable to noncontrolling interests | — | — | — | — | — | 2,968 | 2,968 | (124) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (123,908) | — | — | (123,908) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation transactions | — | (4,288) | — | — | 447 | — | (3,841) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | 25,829 | — | — | 301 | — | 26,130 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | (186,352) | — | — | — | (186,352) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions paid to noncontrolling owners and other foreign exchange | — | — | — | — | — | (3,385) | (3,385) | (1,984) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 28, 2020 | $ | 110,143 | 2,297,267 | 4,064,715 | (308,128) | (3,559,990) | 38,144 | $ | 2,642,151 | $ | 24,133 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Noncontrolling Interests | Total Shareholders' Equity | Redeemable Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 30, 2018 | $ | 104,847 | 1,275,059 | 4,184,374 | (294,514) | (3,515,280) | — | $ | 1,754,486 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | 40,160 | — | — | — | 40,160 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive earnings | — | — | — | 121,339 | — | — | 121,339 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation transactions | — | (177) | — | — | 14,068 | — | 13,891 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of common stock | — | — | — | — | (58,633) | — | (58,633) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | 15,658 | — | — | 236 | — | 15,894 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | (171,268) | — | — | — | (171,268) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | $ | 104,847 | 1,290,540 | 4,053,266 | (173,175) | (3,559,609) | — | $ | 1,715,869 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Country of Incorporation | Ownership Interest | Proportion | Principal | ||||||||||||||||||||||||||||
Astley Baker Davies Limited | England and Wales | 70 | % | Ownership of intellectual property | ||||||||||||||||||||||||||||
Whizz Kid Entertainment Limited | England and Wales | 70 | % | Production of television programs | ||||||||||||||||||||||||||||
MR Productions Holdings, LLC | United States | 75 | % | Film development | ||||||||||||||||||||||||||||
Renegade Entertainment, LLC | United States | 65 | % | Production of television programs | ||||||||||||||||||||||||||||
Round Room Live, LLC | United States | 60 | % | Production of live events |
March 29, 2020 | March 31, 2019 | June 28, 2020 | June 30, 2019 | ||||||||||||||
Assets | Assets | ||||||||||||||||
Contract assets - current | $ | 271,120 | 23,857 | Contract assets - current | $ | 252,870 | 32,199 | ||||||||||
Contract assets - long term | 87,496 | 3,434 | Contract assets - long term | 108,538 | 9,215 | ||||||||||||
Total | $ | 358,616 | 27,291 | Total | $ | 361,408 | 41,414 | ||||||||||
Liabilities | Liabilities | ||||||||||||||||
Contract liabilities | 184,064 | 47,678 | |||||||||||||||
Contract liabilities - current | Contract liabilities - current | $ | 141,650 | 53,804 | |||||||||||||
Contract liabilities - long term | Contract liabilities - long term | 24,374 | 8,411 | ||||||||||||||
Total | $ | 184,064 | 47,678 | Total | $ | 166,024 | 62,215 |
Acquisition Consideration | |||||
eOne common shares outstanding as of December 30, 2019 | 498,040 | ||||
Cash consideration per share | $ | 7.35 | |||
Total consideration for shares outstanding | 3,658,345 | ||||
Cash consideration for employee share based payment awards outstanding | 145,566 | ||||
Cash consideration for extinguishment of debt | 831,130 | ||||
Total cash consideration | 4,635,041 | ||||
Less: Employee awards to be recorded as future stock compensation expense | 47,399 | ||||
Total consideration transferred | $ | 4,587,642 |
Acquisition Consideration | |||
eOne common shares outstanding as of December 30, 2019 | 498,040 | ||
Cash consideration per share | $ | 7.35 | |
Total consideration for shares outstanding | 3,658,345 | ||
Cash consideration for employee share based payment awards outstanding | 145,566 | ||
Cash consideration for extinguishment of debt | 831,130 | ||
Total cash consideration | 4,635,041 | ||
Less: Employee awards to be recorded as future stock compensation expense | 47,399 | ||
Total consideration transferred | $ | 4,587,642 |
Estimated Fair Value | |||
Cash, cash equivalents and restricted cash | $ | 183,713 | |
Accounts receivable, net | 259,061 | ||
Inventories | 7,029 | ||
Other current assets | 286,270 | ||
Property, plant and equipment (including right of use assets) | 90,339 | ||
Intangible assets | 1,055,249 | ||
Content assets - IIC and IIP | 751,524 | ||
Other assets | 183,209 | ||
Short-term borrowings | (60,533 | ) | |
Accounts payable, and accrued liabilities | (772,097 | ) | |
Long-term debt (including current portion) | (149,118 | ) | |
Other liabilities | (262,644 | ) | |
Noncontrolling interests | (63,541 | ) | |
Estimated fair value of net assets acquired | 1,508,461 | ||
Goodwill | 3,079,181 | ||
Total purchase price | $ | 4,587,642 |
Initial Estimated Fair Value | Measurement Period Adjustments | Updated Estimated Fair Value | |||||||||||||||
Cash, cash equivalents and restricted cash | $ | 183,713 | $ | — | $ | 183,713 | |||||||||||
Accounts receivable, net | 259,061 | 35,097 | 294,158 | ||||||||||||||
Inventories | 7,029 | — | 7,029 | ||||||||||||||
Other current assets | 286,270 | (8,100) | 278,170 | ||||||||||||||
Property, plant and equipment (including right of use assets) | 90,339 | 26,503 | 116,842 | ||||||||||||||
Intangible assets | 1,055,249 | 5,505 | 1,060,754 | ||||||||||||||
Content assets - IIC and IIP | 751,524 | (139,881) | 611,643 | ||||||||||||||
Other assets | 183,209 | (76,591) | 106,618 | ||||||||||||||
Current portion of long-term debt | (60,533) | — | (60,533) | ||||||||||||||
Accounts payable, and accrued liabilities | (772,097) | 46,637 | (725,460) | ||||||||||||||
Long-term debt | (149,118) | — | (149,118) | ||||||||||||||
Other liabilities | (262,644) | 19,661 | (242,983) | ||||||||||||||
Noncontrolling interests | (63,541) | (1,261) | (64,802) | ||||||||||||||
Estimated fair value of net assets acquired | 1,508,461 | (92,430) | 1,416,031 | ||||||||||||||
Goodwill | 3,079,181 | 92,430 | 3,171,611 | ||||||||||||||
Total purchase price | $ | 4,587,642 | $ | — | $ | 4,587,642 |
(in thousands of dollars) | U.S and Canada | International | Entertainment, Licensing and Digital | eOne | Total | |||||||||||
Balance at December 29,2019 | $ | 291,577 | 170,218 | 32,789 | — | $ | 494,584 | |||||||||
Acquired during the period | — | — | — | 3,079,181 | 3,079,181 | |||||||||||
Foreign exchange translation | — | (321 | ) | (794 | ) | — | (1,115 | ) | ||||||||
Balance at March 29, 2020 | $ | 291,577 | 169,897 | 31,995 | 3,079,181 | $ | 3,572,650 |
Six Months Ended June 28, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands of dollars) | U.S and Canada | International | Entertainment, Licensing and Digital | eOne | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 29, 2019 | $ | 291,577 | 170,218 | 32,789 | — | $ | 494,584 | ||||||||||||||||||||||||||||||||||||||||||||||
Acquired during the period | — | — | — | 3,079,181 | 3,079,181 | ||||||||||||||||||||||||||||||||||||||||||||||||
Measurement period adjustments | — | — | — | 92,430 | 92,430 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange translation | — | 514 | (664) | — | (150) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 28, 2020 | $ | 291,577 | 170,732 | 32,125 | 3,171,611 | $ | 3,666,045 |
Quarter Ended | Six Months Ended | ||||||||||
June 28, 2020 | June 28, 2020 | ||||||||||
eOne: | |||||||||||
Net revenues | $ | 160,922 | $ | 503,415 | |||||||
Loss before income taxes | (11,028) | (44,648) |
Quarter Ended | |||
March 29, 2020 | |||
eOne: | |||
Net revenues | $ | 342,493 | |
Loss before income taxes | (33,620 | ) |
Quarter Ended | Six Months Ended | ||||||||||
June 30, 2019 | June 30, 2019 | ||||||||||
Revenues | $ | 1,215,628 | $ | 2,414,350 | |||||||
Net earnings (loss) | (42,219) | 36,499 | |||||||||
Net earnings (loss) attributable to Hasbro, Inc. | (42,621) | 33,907 | |||||||||
Net earnings (loss) per common share: | |||||||||||
Diluted | $ | (0.31) | $ | 0.25 | |||||||
Basic | $ | (0.31) | $ | 0.25 |
Unaudited | |||
March 31, 2019 | |||
Revenues | $ | 1,198,722 | |
Net earnings | 79,134 | ||
Net earnings attributable to Hasbro, Inc. | 76,405 | ||
Net earnings per common share: | |||
Diluted | $ | 0.56 | |
Basic | $ | 0.56 |
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Quarter | Basic | Diluted | Basic | Diluted | Quarter | Basic | Diluted | Basic | Diluted | ||||||||||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Hasbro, Inc. | $ | (69,637 | ) | (69,637 | ) | 26,727 | 26,727 | Net earnings (loss) attributable to Hasbro, Inc. | $ | (33,915) | (33,915) | $ | 13,433 | 13,433 | |||||||||||||||||||||||||||||||||
Average shares outstanding | 137,147 | 137,147 | 126,287 | 126,287 | Average shares outstanding | 137,238 | 137,238 | 126,329 | 126,329 | ||||||||||||||||||||||||||||||||||||||
Effect of dilutive securities: | Effect of dilutive securities: | ||||||||||||||||||||||||||||||||||||||||||||||
Options and other share-based awards | — | — | — | 529 | Options and other share-based awards | — | — | — | 518 | ||||||||||||||||||||||||||||||||||||||
Equivalent Shares | 137,147 | 137,147 | 126,287 | 126,816 | Equivalent Shares | 137,238 | 137,238 | 126,329 | 126,847 | ||||||||||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Hasbro, Inc. per common share | $ | (0.51 | ) | (0.51 | ) | 0.21 | 0.21 | Net earnings (loss) attributable to Hasbro, Inc. per common share | $ | (0.25) | (0.25) | $ | 0.11 | 0.11 |
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Six Months | Basic | Diluted | Basic | Diluted | |||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Hasbro, Inc. | $ | (103,552) | (103,552) | $ | 40,160 | 40,160 | |||||||||||||||||||||||||||||
Average shares outstanding | 137,193 | 137,193 | 126,308 | 126,308 | |||||||||||||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||||||||||||
Options and other share-based awards | — | — | — | 523 | |||||||||||||||||||||||||||||||
Equivalent Shares | 137,193 | 137,193 | 126,308 | 126,831 | |||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Hasbro, Inc. per common share | $ | (0.75) | (0.75) | $ | 0.32 | 0.32 |
Quarter Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
June 28, 2020 | June 30, 2019 | June 28, 2020 | June 30, 2019 | ||||||||||||||||||||||||||||||||
Other comprehensive earnings (loss), tax effect: | |||||||||||||||||||||||||||||||||||
Tax expense on unrealized holding gains (losses) | $ | (734) | (85) | $ | (616) | (162) | |||||||||||||||||||||||||||||
Tax benefit (expense) on cash flow hedging activities | 1,443 | 49 | (5,759) | 46 | |||||||||||||||||||||||||||||||
Tax benefit on foreign currency translation adjustments | 8,406 | — | 8,406 | — | |||||||||||||||||||||||||||||||
Tax expense on changes in unrecognized pension amounts | — | (5,687) | — | (5,687) | |||||||||||||||||||||||||||||||
Reclassifications to earnings, tax effect: | |||||||||||||||||||||||||||||||||||
Tax expense on cash flow hedging activities | 1,184 | 188 | 1,451 | 534 | |||||||||||||||||||||||||||||||
Amortization of unrecognized pension and postretirement amounts | (79) | (1,208) | (159) | (1,539) | |||||||||||||||||||||||||||||||
Tax benefit on settlement of U.S defined benefit plan | — | (24,925) | — | (24,925) | |||||||||||||||||||||||||||||||
Total tax effect on other comprehensive earnings (loss) | $ | 10,220 | (31,668) | $ | 3,323 | (31,733) |
Quarter Ended | ||||||
March 29, 2020 | March 31, 2019 | |||||
Other comprehensive earnings (loss), tax effect: | ||||||
Tax benefit (expense) on unrealized holding gains (losses) | $ | 118 | (77 | ) | ||
Tax expense on cash flow hedging activities | (7,203 | ) | (3 | ) | ||
Reclassifications to earnings, tax effect: | ||||||
Tax expense on cash flow hedging activities | 267 | 346 | ||||
Tax benefit on unrecognized pension and postretirement amounts reclassified to the consolidated statements of operations | (80 | ) | (331 | ) | ||
Total tax effect on other comprehensive earnings (loss) | $ | (6,898 | ) | (65 | ) |
Pension and Postretirement Amounts | Gains (Losses) on Derivative Instruments | Unrealized Holding Gains (Losses) on Available- for-Sale Securities | Foreign Currency Translation Adjustments | Total Accumulated Other Comprehensive Loss | |||||||||||
2020 | |||||||||||||||
Balance at December 29, 2019 | $ | (36,129 | ) | (5,232 | ) | (230 | ) | (142,629 | ) | (184,220 | ) | ||||
Current period other comprehensive earnings (loss) | 274 | 21,351 | (410 | ) | (131,767 | ) | (110,552 | ) | |||||||
Balance at March 29, 2020 | $ | (35,855 | ) | 16,119 | (640 | ) | (274,396 | ) | (294,772 | ) | |||||
2019 | |||||||||||||||
Balance at December 30, 2018 | $ | (143,134 | ) | 1,549 | (744 | ) | (152,185 | ) | (294,514 | ) | |||||
Current period other comprehensive earnings (loss) | 1,139 | 3,778 | 265 | 6,993 | 12,175 | ||||||||||
Balance at March 31, 2019 | $ | (141,995 | ) | 5,327 | (479 | ) | (145,192 | ) | (282,339 | ) |
Pension and Postretirement Amounts | Gains (Losses) on Derivative Instruments | Unrealized Holding Gains (Losses) on Available- for-Sale Securities | Foreign Currency Translation Adjustments | Total Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||
Balance at December 29, 2019 | $ | (36,129) | (5,232) | (230) | (142,629) | (184,220) | |||||||||||||||||||||||
Current period other comprehensive earnings (loss) | 550 | 12,382 | 2,124 | (138,964) | (123,908) | ||||||||||||||||||||||||
Balance at June 28, 2020 | $ | (35,579) | 7,150 | 1,894 | (281,593) | (308,128) | |||||||||||||||||||||||
2019 | |||||||||||||||||||||||||||||
Balance at December 30, 2018 | $ | (143,134) | 1,549 | (744) | (152,185) | (294,514) | |||||||||||||||||||||||
Current period other comprehensive earnings (loss) | 110,740 | (283) | 555 | 10,327 | 121,339 | ||||||||||||||||||||||||
Balance at June 30, 2019 | $ | (32,394) | 1,266 | (189) | (141,858) | (173,175) |
June 28, 2020 | June 30, 2019 | December 29, 2019 | |||||||||||||||
Royalties | $ | 135,555 | $ | 113,436 | $ | 196,558 | |||||||||||
Advertising | 53,217 | 67,258 | 59,440 | ||||||||||||||
Payroll and management services | 48,880 | 32,946 | 85,635 | ||||||||||||||
Dividends | 93,175 | 85,820 | 93,067 | ||||||||||||||
Severance | 47,204 | 56,362 | 35,039 | ||||||||||||||
Participations and Residuals | 335,630 | 10,324 | 10,432 | ||||||||||||||
Other Taxes | 51,670 | 42,154 | 66,715 | ||||||||||||||
Lease liability -Current | 42,371 | 29,298 | 30,673 | ||||||||||||||
Accrued income taxes | 36,727 | 18,364 | 14,276 | ||||||||||||||
Deferred revenue | 141,650 | 53,804 | 48,465 | ||||||||||||||
Other | 275,273 | 220,090 | 272,352 | ||||||||||||||
Total accrued liabilities | $ | 1,261,352 | $ | 729,856 | $ | 912,652 |
March 29, 2020 | March 31, 2019 | December 29, 2019 | ||||||||||||||||
Carrying Cost | Fair Value | Carrying Cost | Fair Value | Carrying Cost | Fair Value | |||||||||||||
3.90% Notes Due 2029 | $ | 900,000 | 774,540 | — | — | 900,000 | 893,430 | |||||||||||
3.55% Notes Due 2026 | 675,000 | 641,588 | — | — | 675,000 | 680,670 | ||||||||||||
3.00% Notes Due 2024 | 500,000 | 480,600 | — | — | 500,000 | 502,150 | ||||||||||||
6.35% Notes Due 2040 | 500,000 | 498,200 | 500,000 | 548,200 | 500,000 | 581,600 | ||||||||||||
3.50% Notes Due 2027 | 500,000 | 465,400 | 500,000 | 479,450 | 500,000 | 500,550 | ||||||||||||
2.60% Notes Due 2022 | 300,000 | 295,320 | — | — | 300,000 | 300,960 | ||||||||||||
5.10% Notes Due 2044 | 300,000 | 251,670 | 300,000 | 285,990 | 300,000 | 301,980 | ||||||||||||
3.15% Notes Due 2021 | 300,000 | 299,880 | 300,000 | 301,440 | 300,000 | 303,900 | ||||||||||||
6.60% Debentures Due 2028 | 109,895 | 122,643 | 109,895 | 129,445 | 109,895 | 130,610 | ||||||||||||
Variable % Notes Due December 30, 2022 | 400,000 | 400,000 | — | — | — | — | ||||||||||||
Variable % Notes Due December 30, 2024 | 600,000 | 600,000 | — | — | — | — | ||||||||||||
Production Financing Facilities | 175,572 | 175,572 | — | — | — | — | ||||||||||||
Total long-term debt | $ | 5,260,467 | 5,005,413 | 1,709,895 | 1,744,525 | 4,084,895 | 4,195,850 | |||||||||||
Less: Deferred debt expenses | 39,736 | — | 14,433 | — | 38,438 | — | ||||||||||||
Less: Current portion | 64,441 | — | — | — | — | — | ||||||||||||
Long-term debt | $ | 5,156,290 | 5,005,413 | 1,695,462 | 1,744,525 | 4,046,457 | 4,195,850 |
June 28, 2020 | June 30, 2019 | December 29, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Cost | Fair Value | Carrying Cost | Fair Value | Carrying Cost | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||
3.90% Notes Due 2029 | $ | 900,000 | 938,070 | $ | — | — | $ | 900,000 | 893,430 | ||||||||||||||||||||||||||||||||||||||||||||
3.55% Notes Due 2026 | 675,000 | 712,193 | — | — | 675,000 | 680,670 | |||||||||||||||||||||||||||||||||||||||||||||||
3.00% Notes Due 2024 | 500,000 | 523,450 | — | — | 500,000 | 502,150 | |||||||||||||||||||||||||||||||||||||||||||||||
6.35% Notes Due 2040 | 500,000 | 579,650 | 500,000 | 591,850 | 500,000 | 581,600 | |||||||||||||||||||||||||||||||||||||||||||||||
3.50% Notes Due 2027 | 500,000 | 515,950 | 500,000 | 507,200 | 500,000 | 500,550 | |||||||||||||||||||||||||||||||||||||||||||||||
2.60% Notes Due 2022 | 300,000 | 309,690 | — | — | 300,000 | 300,960 | |||||||||||||||||||||||||||||||||||||||||||||||
5.10% Notes Due 2044 | 300,000 | 304,020 | 300,000 | 310,860 | 300,000 | 301,980 | |||||||||||||||||||||||||||||||||||||||||||||||
3.15% Notes Due 2021 | 300,000 | 318,630 | 300,000 | 303,900 | 300,000 | 303,900 | |||||||||||||||||||||||||||||||||||||||||||||||
6.60% Debentures Due 2028 | 109,895 | 124,544 | 109,895 | 132,984 | 109,895 | 130,610 | |||||||||||||||||||||||||||||||||||||||||||||||
Variable % Notes Due December 30, 2022 | 400,000 | 400,000 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Variable % Notes Due December 30, 2024 | 592,500 | 592,500 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Production Financing Facilities | 141,965 | 141,965 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total long-term debt | 5,219,360 | 5,460,662 | 1,709,895 | 1,846,794 | 4,084,895 | 4,195,850 | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Deferred debt expenses | 38,293 | — | 14,062 | — | 38,438 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Current portion | 378,558 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | $ | 4,802,509 | 5,460,662 | $ | 1,695,833 | 1,846,794 | $ | 4,046,457 | 4,195,850 |
Quarter Ended | |||
March 29, 2020 | |||
Production financing held by production subsidiaries | $ | 175,572 | |
Other loans | 9,405 | ||
Total | $ | 184,977 | |
Production financing shown in the consolidated balance sheet as: | |||
Non-current | $ | 141,131 | |
Current | 34,441 | ||
Total | $ | 175,572 |
Quarter Ended | |||||
June 28, 2020 | |||||
Production financing held by production subsidiaries | $ | 141,965 | |||
Other loans | 6,419 | ||||
Total | $ | 148,384 | |||
Production financing shown in the consolidated balance sheet as: | |||||
Non-current | $ | 93,407 | |||
Current | 53,541 | ||||
Total | $ | 146,948 |
Canadian Dollars | U.S. Dollars | Total | |||||||
As of March 29, 2020 | $ | 73,485 | 111,492 | 184,977 |
Canadian Dollars | U.S. Dollars | Total | |||||||||||||||
As of June 28, 2020 | $ | 60,829 | 87,555 | 148,384 |
Production Financing | Other Loans | Total | ||||||||
December 30, 2019 | $ | 209,651 | 9,102 | $ | 218,753 | |||||
Drawdowns | 20,511 | 7,996 | 28,507 | |||||||
Repayments | (50,186 | ) | (8,916 | ) | (59,102 | ) | ||||
Foreign exchange differences | (4,404 | ) | 1,223 | (3,181 | ) | |||||
Balance at March 29, 2020 | $ | 175,572 | 9,405 | 184,977 |
Production Financing | Other Loans | Total | |||||||||||||||
December 30, 2019 | $ | 209,651 | 9,102 | 218,753 | |||||||||||||
Drawdowns | 26,275 | 12,904 | 39,179 | ||||||||||||||
Repayments | (90,693) | (15,169) | (105,862) | ||||||||||||||
Foreign exchange differences | (3,268) | (418) | (3,686) | ||||||||||||||
Balance at June 28, 2020 | $ | 141,965 | 6,419 | 148,384 |
June 28, 2020 | |||||||||||||||||
Film and TV Programming | |||||||||||||||||
Released, less amortization | $ | 346,800 | |||||||||||||||
Completed and not released | 128,140 | ||||||||||||||||
In production | 41,363 | ||||||||||||||||
Pre-production | 70,411 | ||||||||||||||||
586,714 | |||||||||||||||||
Other Programming | |||||||||||||||||
Released, less amortization | 12,684 | ||||||||||||||||
Completed and not released | 2,942 | ||||||||||||||||
In production | 7,044 | ||||||||||||||||
Pre-production | 5,487 | ||||||||||||||||
28,157 | |||||||||||||||||
Total program costs | $ | 614,871 |
Quarter Ended | ||||
March 29, 2020 | ||||
Film Programming | ||||
Released, less amortization | $ | 300,619 | ||
Completed and not released | 63,100 | |||
In production | 25,702 | |||
Pre-production | 20,248 | |||
409,669 | ||||
TV Programming | ||||
Released, less amortization | 101,925 | |||
Completed and not released | 74,900 | |||
In production | 64,188 | |||
Pre-production | 59,863 | |||
300,876 | ||||
Other Programming | ||||
Released, less amortization | 10,112 | |||
In production | 2,177 | |||
12,289 | ||||
Total program costs | $ | 722,834 |
Investment in Production | Investment in Content | Total | ||||||||
Program cost amortization | $ | 83,404 | 39,979 | 123,383 |
Investment in Production | Investment in Content | Total | ||||||||||||||||||
Program cost amortization | $ | 118,184 | 49,064 | 167,248 |
Fair Value Measurements Using: | ||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
March 29, 2020 | ||||||||||||
Assets: | ||||||||||||
Available-for-sale securities | $ | 768 | 768 | — | — | |||||||
Derivatives | 46,781 | — | 46,781 | — | ||||||||
Total assets | $ | 47,549 | 768 | 46,781 | — | |||||||
Liabilities: | ||||||||||||
Derivatives | $ | 13,131 | — | 13,131 | — | |||||||
Option agreement | 20,836 | — | — | 20,836 | ||||||||
Total liabilities | $ | 33,967 | — | 13,131 | 20,836 | |||||||
March 31, 2019 | ||||||||||||
Assets: | ||||||||||||
Available-for-sale securities | $ | 975 | 975 | — | — | |||||||
Derivatives | 32,296 | — | 32,296 | — | ||||||||
Total assets | $ | 33,271 | 975 | 32,296 | — | |||||||
Liabilities: | ||||||||||||
Derivatives | $ | 45 | — | 45 | — | |||||||
Option agreement | 23,144 | — | — | 23,144 | ||||||||
Total liabilities | $ | 23,189 | — | 45 | 23,144 | |||||||
December 29, 2019 | ||||||||||||
Assets: | ||||||||||||
Available-for-sale securities | $ | 1,296 | 1,296 | — | — | |||||||
Derivatives | 48,973 | — | 48,973 | — | ||||||||
Total assets | $ | 50,269 | 1,296 | 48,973 | — | |||||||
Liabilities: | ||||||||||||
Derivatives | $ | 5,733 | — | 5,733 | — | |||||||
Option agreement | 22,145 | — | — | 22,145 | ||||||||
Total Liabilities | $ | 27,878 | — | 5,733 | 22,145 |
Fair Value Measurements Using: | |||||||||||||||||||||||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||
June 28, 2020 | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | $ | 2,741 | 2,741 | — | — | ||||||||||||||||||||||||||||||||||||
Derivatives | 28,941 | — | 28,941 | — | |||||||||||||||||||||||||||||||||||||
Total assets | $ | 31,682 | 2,741 | 28,941 | — | ||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Derivatives | $ | 2,893 | — | 2,893 | — | ||||||||||||||||||||||||||||||||||||
Option agreement | 20,690 | — | — | 20,690 | |||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 23,583 | — | 2,893 | 20,690 | ||||||||||||||||||||||||||||||||||||
June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | $ | 1,349 | 1,349 | — | — | ||||||||||||||||||||||||||||||||||||
Derivatives | 24,622 | — | 24,622 | — | |||||||||||||||||||||||||||||||||||||
Total assets | $ | 25,971 | 1,349 | 24,622 | — | ||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Derivatives | $ | 1,894 | — | 1,894 | — | ||||||||||||||||||||||||||||||||||||
Option agreement | 22,471 | — | — | 22,471 | |||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 24,365 | — | 1,894 | 22,471 | ||||||||||||||||||||||||||||||||||||
December 29, 2019 | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | $ | 1,296 | 1,296 | — | — | ||||||||||||||||||||||||||||||||||||
Derivatives | 48,973 | — | 48,973 | — | |||||||||||||||||||||||||||||||||||||
Total assets | $ | 50,269 | 1,296 | 48,973 | — | ||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Derivatives | $ | 5,733 | — | 5,733 | — | ||||||||||||||||||||||||||||||||||||
Option agreement | 22,145 | — | — | 22,145 | |||||||||||||||||||||||||||||||||||||
Total Liabilities | $ | 27,878 | — | 5,733 | 22,145 |
2020 | 2019 | |||||
Balance at beginning of year | $ | (22,145 | ) | (23,440 | ) | |
Gain from change in fair value | 1,309 | 296 | ||||
Balance at end of first quarter | $ | (20,836 | ) | (23,144 | ) |
2020 | 2019 | ||||||||||
Balance at beginning of year | $ | (22,145) | (23,440) | ||||||||
Gain from change in fair value | 1,455 | 969 | |||||||||
Balance at end of second quarter | $ | (20,690) | (22,471) |
March 29, 2020 | March 31, 2019 | December 29, 2019 | June 28, 2020 | June 30, 2019 | December 29, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged transaction | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | Hedged transaction | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory purchases | $ | 343,227 | 32,186 | 486,999 | 21,649 | 398,800 | 8,727 | Inventory purchases | $ | 255,549 | 20,093 | $ | 480,244 | 16,062 | $ | 398,800 | 8,727 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | 101,120 | 4,761 | 263,221 | 8,358 | 124,920 | 4,037 | Sales | 77,267 | 4,859 | 235,874 | 8,452 | 124,920 | 4,037 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Production financing and other | 161,303 | 6,687 | 26,422 | 190 | 19,499 | 140 | Production financing and other | 110,648 | 3,989 | 12,228 | 15 | 19,499 | 140 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 605,650 | 43,634 | 776,642 | 30,197 | 543,219 | 12,904 | Total | $ | 443,464 | 28,941 | $ | 728,346 | 24,529 | $ | 543,219 | 12,904 |
March 29, 2020 | March 31, 2019 | December 29, 2019 | June 28, 2020 | June 30, 2019 | December 29, 2019 | |||||||||||||||||||||
Prepaid expenses and other current assets | Prepaid expenses and other current assets | |||||||||||||||||||||||||
Unrealized gains | $ | 40,376 | 22,737 | 12,133 | Unrealized gains | $ | 23,684 | 18,554 | 12,133 | |||||||||||||||||
Unrealized losses | (1,893 | ) | (2,008 | ) | (3,955 | ) | Unrealized losses | (1,033) | (1,911) | (3,955) | ||||||||||||||||
Net unrealized gains | $ | 38,483 | 20,729 | 8,178 | Net unrealized gains | $ | 22,651 | 16,643 | 8,178 | |||||||||||||||||
Other assets | Other assets | |||||||||||||||||||||||||
Unrealized gains | $ | 7,128 | 9,752 | 6,652 | Unrealized gains | $ | 6,310 | 8,250 | 6,652 | |||||||||||||||||
Unrealized losses | — | (239 | ) | — | Unrealized losses | (20) | (271) | — | ||||||||||||||||||
Net unrealized gains | $ | 7,128 | 9,513 | 6,652 | Net unrealized gains | $ | 6,290 | 7,979 | 6,652 | |||||||||||||||||
Accrued liabilities | Accrued liabilities | |||||||||||||||||||||||||
Unrealized gains | $ | — | — | 293 | Unrealized gains | $ | — | — | 293 | |||||||||||||||||
Unrealized losses | (1,974 | ) | (45 | ) | (2,219 | ) | Unrealized losses | — | (78) | (2,219) | ||||||||||||||||
Net unrealized losses | $ | (1,974 | ) | (45 | ) | (1,926 | ) | Net unrealized losses | $ | — | (78) | (1,926) | ||||||||||||||
Other liabilities | Other liabilities | |||||||||||||||||||||||||
Unrealized gains | $ | — | — | — | Unrealized gains | $ | — | — | — | |||||||||||||||||
Unrealized losses | (3 | ) | — | — | Unrealized losses | — | (15) | — | ||||||||||||||||||
Net unrealized losses | $ | (3 | ) | — | — | Net unrealized losses | $ | — | (15) | — |
Quarter Ended | ||||||
March 29, 2020 | March 31, 2019 | |||||
Statements of Operations Classification | ||||||
Cost of sales | $ | 3,957 | 2,614 | |||
Net revenues | 343 | 878 | ||||
Other | 81 | 118 | ||||
Net realized gains | $ | 4,381 | 3,610 |
Quarter Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
June 28, 2020 | June 30, 2019 | June 28, 2020 | June 30, 2019 | ||||||||||||||||||||||||||||||||
Statements of Operations Classification | |||||||||||||||||||||||||||||||||||
Cost of sales | $ | 5,607 | 1,986 | $ | 9,564 | 4,600 | |||||||||||||||||||||||||||||
Net revenues | 833 | 599 | 1,176 | 1,477 | |||||||||||||||||||||||||||||||
Other | 471 | 34 | 552 | 152 | |||||||||||||||||||||||||||||||
Net realized gains | $ | 6,911 | 2,619 | $ | 11,292 | 6,229 |
March 29, 2020 | March 31, 2019 | December 29, 2019 | |||||||
Prepaid expenses and other current assets | |||||||||
Unrealized gains | $ | 1,170 | 2,391 | — | |||||
Unrealized losses | — | (337 | ) | — | |||||
Net unrealized gains | $ | 1,170 | 2,054 | — | |||||
Accrued liabilities | |||||||||
Unrealized gains | $ | 1,252 | — | 13 | |||||
Unrealized losses | (12,406 | ) | — | (3,820 | ) | ||||
Net unrealized losses | $ | (11,154 | ) | — | (3,807 | ) | |||
Total unrealized (losses) gains, net | $ | (9,984 | ) | 2,054 | (3,807 | ) |
June 28, 2020 | June 30, 2019 | December 29, 2019 | |||||||||||||||
Prepaid expenses and other current assets | |||||||||||||||||
Unrealized gains | $ | — | 2,391 | — | |||||||||||||
Unrealized losses | — | (337) | — | ||||||||||||||
Net unrealized gains | $ | — | 2,054 | — | |||||||||||||
Accrued liabilities | |||||||||||||||||
Unrealized gains | $ | 4,496 | 164 | 13 | |||||||||||||
Unrealized losses | (7,389) | (1,965) | (3,820) | ||||||||||||||
Net unrealized losses | $ | (2,893) | (1,801) | (3,807) | |||||||||||||
Total unrealized (losses) gains, net | $ | (2,893) | 253 | (3,807) |
Quarter Ended | |||||||
March 29, 2020 | March 31, 2019 | ||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||
Operating cash flows from operating leases | $ | 11,602 | $ | 9,574 | |||
Right-of-use assets obtained in exchange for lease obligations: | |||||||
Operating leases | $ | 64,214 | $ | 23,680 | |||
Weighted Average Remaining Lease Term | |||||||
Operating leases | 6.0 years | 6.7 years | |||||
Weighted Average Discount Rate | |||||||
Operating leases | 4.2 | % | 4.5 | % | |||
Quarter Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
June 28, 2020 | June 30, 2019 | June 28, 2020 | June 30, 2019 | ||||||||||||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||||||||||||||||||||
Operating cash flows from operating leases | $ | 14,014 | 9,240 | $ | 25,616 | 18,814 | |||||||||||||||||||||||||||||
Right-of-use assets obtained in exchange for lease obligations: | |||||||||||||||||||||||||||||||||||
Operating leases | $ | 36,210 | 579 | $ | 100,424 | 24,259 | |||||||||||||||||||||||||||||
Weighted Average Remaining Lease Term | |||||||||||||||||||||||||||||||||||
Operating leases | 6.4 years | 6.5 years | 6.4 years | 6.5 years | |||||||||||||||||||||||||||||||
Weighted Average Discount Rate | |||||||||||||||||||||||||||||||||||
Operating leases | 3.1 | % | 4.4 | % | 3.1 | % | 4.4 | % | |||||||||||||||||||||||||||
June 28, 2020 | ||||||||
March 29, 2020 | ||||||||
2020 (excluding the three months ended March 29, 2020) | $ | 35,280 | ||||||
2020 (excluding the six months ended June 28,2020) | 2020 (excluding the six months ended June 28,2020) | $ | 24,719 | |||||
2021 | 45,207 | 2021 | 46,383 | |||||
2022 | 41,609 | 2022 | 42,980 | |||||
2023 | 33,842 | 2023 | 35,261 | |||||
2024 | 22,266 | 2024 | 24,220 | |||||
2025 and thereafter | 66,743 | 2025 and thereafter | 65,208 | |||||
Total future lease payments | 244,947 | Total future lease payments | 238,771 | |||||
Less imputed interest | 49,151 | Less imputed interest | 26,840 | |||||
Present value of future operating lease payments | 195,796 | Present value of future operating lease payments | 211,931 | |||||
Less current portion of operating lease liabilities (1) | 43,263 | Less current portion of operating lease liabilities (1) | 42,371 | |||||
Non-current operating lease liability (2) | 152,533 | Non-current operating lease liability (2) | 169,560 | |||||
Operating lease right-of-use assets, net (3) | $ | 168,805 | Operating lease right-of-use assets, net (3) | $ | 195,011 |
Quarter Ended | |||||||||||||||||||||||||||||||||||||||||
June 28, 2020 | June 30, 2019 | ||||||||||||||||||||||||||||||||||||||||
Net revenues | External | Affiliate | External | Affiliate | |||||||||||||||||||||||||||||||||||||
U.S. and Canada | $ | 359,720 | 3,724 | $ | 510,529 | 2,996 | |||||||||||||||||||||||||||||||||||
International | 249,812 | — | 377,438 | 145 | |||||||||||||||||||||||||||||||||||||
Entertainment, Licensing and Digital | 89,825 | 838 | 96,506 | 2,165 | |||||||||||||||||||||||||||||||||||||
eOne | 160,922 | — | — | — | |||||||||||||||||||||||||||||||||||||
Global Operations (a) | — | 272,213 | 64 | 320,618 | |||||||||||||||||||||||||||||||||||||
Corporate and Eliminations (b) | — | (276,775) | — | (325,924) | |||||||||||||||||||||||||||||||||||||
$ | 860,279 | — | $ | 984,537 | — |
Quarter Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 29, 2020 | March 31, 2019 | June 28, 2020 | June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | External | Affiliate | External | Affiliate | Net revenues | External | Affiliate | External | Affiliate | |||||||||||||||||||||||||||||||||||||||||||||
U.S. and Canada | $ | 428,647 | 3,328 | $ | 357,851 | 1,849 | U.S. and Canada | $ | 788,367 | 7,052 | $ | 868,380 | 4,845 | |||||||||||||||||||||||||||||||||||||||||
International | 250,403 | — | 282,649 | 41 | International | 500,215 | — | 660,087 | 186 | |||||||||||||||||||||||||||||||||||||||||||||
Entertainment, Licensing and Digital | 84,027 | 971 | 91,994 | 1,974 | Entertainment, Licensing and Digital | 173,852 | 1,808 | 188,500 | 4,140 | |||||||||||||||||||||||||||||||||||||||||||||
eOne | 342,493 | — | — | — | eOne | 503,415 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Global Operations (a) | — | 194,856 | 16 | 229,425 | Global Operations (a) | — | 467,069 | 80 | 550,043 | |||||||||||||||||||||||||||||||||||||||||||||
Corporate and Eliminations (b) | — | (199,155 | ) | — | (233,289 | ) | Corporate and Eliminations (b) | — | (475,929) | — | (559,214) | |||||||||||||||||||||||||||||||||||||||||||
$ | 1,105,570 | — | $ | 732,510 | — | $ | 1,965,849 | — | $ | 1,717,047 | — | |||||||||||||||||||||||||||||||||||||||||||
Quarter Ended | |||||||
Operating profit (loss) | March 29, 2020 | March 31, 2019 | |||||
U.S. and Canada | $ | 71,780 | $ | 13,532 | |||
International | (26,691 | ) | (30,411 | ) | |||
Entertainment, Licensing and Digital | 5,174 | 30,020 | |||||
eOne | (33,081 | ) | — | ||||
Global Operations (a) | 4,649 | 1,254 | |||||
Corporate and Eliminations (b) | (45,114 | ) | 21,732 | ||||
$ | (23,283 | ) | $ | 36,127 |
Quarter Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Total assets | March 29, 2020 | March 31, 2019 | December 29, 2019 | |||||||||||||||||||||||||||||||||||||||||
Operating profit (loss) | Operating profit (loss) | June 28, 2020 | June 30, 2019 | June 28, 2020 | June 30, 2019 | |||||||||||||||||||||||||||||||||||||||
U.S. and Canada | $ | 3,335,131 | 2,600,873 | 3,244,950 | U.S. and Canada | $ | 24,271 | 106,577 | $ | 96,051 | 120,109 | |||||||||||||||||||||||||||||||||
International | 2,016,267 | 2,019,800 | 2,482,170 | International | (24,900) | 14,583 | (51,591) | (15,828) | ||||||||||||||||||||||||||||||||||||
Entertainment, Licensing and Digital | 869,645 | 804,288 | 695,898 | Entertainment, Licensing and Digital | 27,793 | 7,936 | 32,967 | 37,956 | ||||||||||||||||||||||||||||||||||||
eOne | 5,850,529 | — | — | eOne | (5,967) | — | (39,048) | — | ||||||||||||||||||||||||||||||||||||
Global Operations (a) | 3,658,540 | 706,701 | 3,334,190 | Global Operations (a) | (5,945) | (5,986) | (1,296) | (4,732) | ||||||||||||||||||||||||||||||||||||
Corporate and Eliminations (b) | (5,305,753 | ) | (1,196,889 | ) | (901,580 | ) | Corporate and Eliminations (b) | (13,077) | 5,223 | (58,191) | 26,955 | |||||||||||||||||||||||||||||||||
$ | 10,424,359 | 4,934,773 | 8,855,628 | $ | 2,175 | 128,333 | $ | (21,108) | 164,460 |
Total assets | June 28, 2020 | June 30, 2019 | December 29, 2019 | ||||||||||||||
U.S. and Canada | $ | 3,470,896 | 2,845,806 | 3,244,950 | |||||||||||||
International | 2,052,708 | 2,093,725 | 2,482,170 | ||||||||||||||
Entertainment, Licensing and Digital | 1,018,453 | 945,196 | 695,898 | ||||||||||||||
eOne | 5,713,517 | — | — | ||||||||||||||
Global Operations (a) | 3,944,699 | 1,036,919 | 3,334,190 | ||||||||||||||
Corporate and Eliminations (b) | (5,978,223) | (1,883,036) | (901,580) | ||||||||||||||
$ | 10,222,050 | 5,038,610 | 8,855,628 |
Quarter Ended | ||||||
March 29, 2020 | March 31, 2019 | |||||
Europe | $ | 162,249 | 153,379 | |||
Latin America | 33,921 | 62,777 | ||||
Asia Pacific | 54,233 | 66,493 | ||||
Net revenues | $ | 250,403 | 282,649 |
Quarter Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
June 28, 2020 | June 30, 2019 | June 28, 2020 | June 30, 2019 | ||||||||||||||||||||||||||||||||
Europe | $ | 157,672 | 201,072 | $ | 319,921 | 354,451 | |||||||||||||||||||||||||||||
Latin America | 32,488 | 90,342 | 66,409 | 153,119 | |||||||||||||||||||||||||||||||
Asia Pacific | 59,652 | 86,024 | 113,885 | 152,517 | |||||||||||||||||||||||||||||||
Net revenues | $ | 249,812 | 377,438 | $ | 500,215 | 660,087 |
Quarter Ended | |||||||
March 29, 2020 | March 31, 2019 | ||||||
Franchise Brands | $ | 396,497 | $ | 393,574 | |||
Partner Brands | 182,331 | 171,989 | |||||
Hasbro Gaming (1) | 140,084 | 107,565 | |||||
Emerging Brands (2) | 94,145 | 59,382 | |||||
TV/Film/Entertainment (3) | 292,513 | — | |||||
Total | $ | 1,105,570 | 732,510 |
Quarter Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
June 28, 2020 | June 30, 2019 | June 28, 2020 | June 30, 2019 | ||||||||||||||||||||||||||||||||
Franchise Brands | $ | 376,826 | 576,715 | $ | 773,323 | 970,289 | |||||||||||||||||||||||||||||
Partner Brands | 138,227 | 213,448 | 320,558 | 385,437 | |||||||||||||||||||||||||||||||
Hasbro Gaming (1) | 137,031 | 123,420 | 277,115 | 230,985 | |||||||||||||||||||||||||||||||
Emerging Brands (2) | 75,991 | 70,954 | 170,136 | 130,336 | |||||||||||||||||||||||||||||||
TV/Film/Entertainment (3) | 132,204 | — | 424,717 | — | |||||||||||||||||||||||||||||||
Total | $ | 860,279 | 984,537 | $ | 1,965,849 | 1,717,047 |
Remaining amounts to be paid as of December 29, 2019 | $ | 31,113 | |
eOne restructuring charges | 13,186 | ||
Payments made in the first quarter of 2020 | (9,876 | ) | |
Remaining amounts as of March 29, 2020 | $ | 34,423 |
2018 Restructuring Program | eOne Integration Program | Other | Total | |||||||||||||||||||||||||||||||||||
Remaining amounts to be paid as of December 29, 2019 | $ | 31,113 | — | — | $ | 31,113 | ||||||||||||||||||||||||||||||||
2020 restructuring charges | — | 19,482 | 11,554 | 31,036 | ||||||||||||||||||||||||||||||||||
Payments made in the first six months of 2020 | (15,045) | (5,908) | — | (20,953) | ||||||||||||||||||||||||||||||||||
Remaining amounts as of June 28, 2020 | $ | 16,068 | 13,574 | 11,554 | $ | 41,196 |
Quarter Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
June 28, 2020 | June 30, 2019 | June 28, 2020 | June 30, 2019 | ||||||||||||||||||||||||||||||||
Net revenues | $ | 860.3 | $ | 984.5 | $ | 1,965.8 | $ | 1,717.0 | |||||||||||||||||||||||||||
Operating profit (loss) | 2.2 | 128.3 | (21.1) | 164.5 | |||||||||||||||||||||||||||||||
(Loss) earnings before income taxes | (43.7) | 6.1 | (115.6) | 35.7 | |||||||||||||||||||||||||||||||
Income tax benefit | (10.8) | (7.3) | (14.9) | (4.5) | |||||||||||||||||||||||||||||||
Net (loss) earnings | (32.9) | 13.4 | (100.7) | 40.2 | |||||||||||||||||||||||||||||||
Net earnings attributable to noncontrolling interests | 1.0 | — | 2.8 | — | |||||||||||||||||||||||||||||||
Net (loss) earnings attributable to Hasbro, Inc. | (33.9) | 13.4 | (103.6) | 40.2 | |||||||||||||||||||||||||||||||
Diluted (loss) earnings per share | (0.25) | 0.11 | (0.75) | 0.32 |
Quarter Ended | |||||||
March 29, 2020 | March 31, 2019 | ||||||
Net revenues | $ | 1,105.6 | $ | 732.5 | |||
Operating profit (loss) | (23.3 | ) | 36.1 | ||||
Earnings (loss) before income taxes | (71.9 | ) | 29.6 | ||||
Income tax expense (benefit) | (4.1 | ) | 2.9 | ||||
Net earnings (loss) | (67.8 | ) | 26.7 | ||||
Net earnings attributable to noncontrolling interests | 1.8 | — | |||||
Net earnings (loss) attributable to Hasbro, Inc. | (69.6 | ) | 26.7 | ||||
Diluted earnings (loss) per share | (0.51 | ) | 0.21 |
Quarter Ended | |||||||||||||||||||||||||||||
June 28, 2020 | June 30, 2019 | % Change | |||||||||||||||||||||||||||
Franchise Brands | $ | 376.8 | 576.7 | -35 | % | ||||||||||||||||||||||||
Partner Brands | 138.2 | 213.4 | -35 | % | |||||||||||||||||||||||||
Hasbro Gaming | 137.0 | 123.4 | 11 | % | |||||||||||||||||||||||||
Emerging Brands | 76.0 | 71.0 | 7 | % | |||||||||||||||||||||||||
TV, Film and Entertainment | 132.2 | — | 100 | % | |||||||||||||||||||||||||
Total | $ | 860.3 | 984.5 | -13 | % |
Quarter Ended | |||||||||
March 29, 2020 | March 31, 2019 | % Change | |||||||
Franchise Brands | $ | 396.5 | 393.6 | 1 | % | ||||
Partner Brands | 182.3 | 172.0 | 6 | % | |||||
Hasbro Gaming | 140.1 | 107.6 | 30 | % | |||||
Emerging Brands | 94.1 | 59.4 | 58 | % | |||||
TV, Film and Entertainment | 292.5 | — | 100 | % | |||||
Total | $ | 1,105.6 | 732.5 | 51 | % |
Six Months Ended | |||||||||||||||||||||||||||||
June 28, 2020 | June 30, 2019 | % Change | |||||||||||||||||||||||||||
Franchise Brands | $ | 773.3 | 970.3 | -20 | % | ||||||||||||||||||||||||
Partner Brands | 320.6 | 385.4 | -17 | % | |||||||||||||||||||||||||
Hasbro Gaming | 277.1 | 231.0 | 20 | % | |||||||||||||||||||||||||
Emerging Brands | 170.1 | 130.3 | 31 | % | |||||||||||||||||||||||||
TV, Film and Entertainment | 424.7 | — | 100 | % | |||||||||||||||||||||||||
Total | $ | 1,965.8 | 1,717.0 | 14 | % |
Quarter Ended | |||||||||||||||||||||||||||||
June 28, 2020 | June 30, 2019 | % Change | |||||||||||||||||||||||||||
Net Revenues | |||||||||||||||||||||||||||||
U.S. and Canada segment | $ | 359.7 | $ | 510.5 | -30 | % | |||||||||||||||||||||||
International segment | 249.8 | 377.4 | -34 | % | |||||||||||||||||||||||||
Entertainment, Licensing and Digital segment | 89.8 | 96.5 | -7 | % | |||||||||||||||||||||||||
eOne segment | 160.9 | — | 100 | % | |||||||||||||||||||||||||
Operating Profit (Loss) | |||||||||||||||||||||||||||||
U.S. and Canada segment | $ | 24.3 | $ | 106.6 | -77 | % | |||||||||||||||||||||||
International segment | (24.9) | 14.6 | >-100% | ||||||||||||||||||||||||||
Entertainment, Licensing and Digital segment | 27.8 | 7.9 | >100% | ||||||||||||||||||||||||||
eOne segment | (6.0) | — | -100 | % |
Quarter Ended | ||||||||||
March 29, 2020 | March 31, 2019 | % Change | ||||||||
Net Revenues | ||||||||||
U.S. and Canada segment | $ | 428.6 | $ | 357.9 | 20 | % | ||||
International segment | 250.4 | 282.6 | -11 | % | ||||||
Entertainment, Licensing and Digital segment | 84.0 | 92.0 | -9 | % | ||||||
eOne segment | 342.5 | — | 100 | % | ||||||
Operating Profit | ||||||||||
U.S. and Canada segment | $ | 71.8 | $ | 13.5 | >100% | |||||
International segment | (26.7 | ) | (30.4 | ) | 12 | % | ||||
Entertainment, Licensing and Digital segment | 5.2 | 30.0 | -83 | % | ||||||
eOne segment | (33.1 | ) | — | -100 | % |
Quarter Ended | |||||||||||||||||||||||||||||
June 28, 2020 | June 30, 2019 | % Change | |||||||||||||||||||||||||||
Europe | $ | 157.7 | 201.1 | -22 | % | ||||||||||||||||||||||||
Latin America | 32.5 | 90.3 | -64 | % | |||||||||||||||||||||||||
Asia Pacific | 59.7 | 86.0 | -31 | % | |||||||||||||||||||||||||
Net revenues | $ | 249.8 | 377.4 | -34 | % |
Three Months Ended | |||||
June 28, 2020 | |||||
eOne Segment Net Revenues | |||||
Film and TV | $ | 106.0 | |||
Family Brands | 29.0 | ||||
Music and Other | 25.9 | ||||
Segment Total | $ | 160.9 |
Six Months Ended | |||||||||||||||||||||||||||||
June 28, 2020 | June 30, 2019 | % Change | |||||||||||||||||||||||||||
Net Revenues | |||||||||||||||||||||||||||||
U.S. and Canada segment | $ | 788.4 | $ | 868.4 | -9 | % | |||||||||||||||||||||||
International segment | 500.2 | 660.1 | -24 | % | |||||||||||||||||||||||||
Entertainment, Licensing and Digital segment | 173.9 | 188.5 | -8 | % | |||||||||||||||||||||||||
eOne segment | 503.4 | — | 100 | % | |||||||||||||||||||||||||
Operating Profit (Loss) | |||||||||||||||||||||||||||||
U.S. and Canada segment | $ | 96.1 | $ | 120.1 | -20 | % | |||||||||||||||||||||||
International segment | (51.6) | (15.8) | >-100% | ||||||||||||||||||||||||||
Entertainment, Licensing and Digital segment | 33.0 | 38.0 | -13 | % | |||||||||||||||||||||||||
eOne segment | (39.0) | — | -100 | % |
Quarter Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
March 29, 2020 | March 31, 2019 | % Change | June 28, 2020 | June 30, 2019 | % Change | |||||||||||||||||||||||||||||||||
Europe | $ | 162.2 | 153.4 | 6 | % | Europe | $ | 319.9 | 354.5 | -10 | % | |||||||||||||||||||||||||||
Latin America | 33.9 | 62.8 | -46 | % | Latin America | 66.4 | 153.1 | -57 | % | |||||||||||||||||||||||||||||
Asia Pacific | 54.2 | 66.5 | -18 | % | Asia Pacific | 113.9 | 152.5 | -25 | % | |||||||||||||||||||||||||||||
Net revenues | $ | 250.4 | 282.6 | -11 | % | Net revenues | $ | 500.2 | 660.1 | -24 | % |
Six Months Ended | |||||
June 28, 2020 | |||||
eOne Segment Net Revenues | |||||
Film and TV | $ | 365.5 | |||
Family Brands | 79.8 | ||||
Music and Other | 58.1 | ||||
Segment Total | $ | 503.4 |
Three Months Ended | |||
March 29, 2020 | |||
eOne Segment Net Revenues | |||
Film and TV | $ | 259.5 | |
Family Brands | 50.8 | ||
Music and Other | 32.2 | ||
Segment Total | $ | 342.5 |
Quarter Ended | |||||||||||||||||
June 28, 2020 | June 30, 2019 | ||||||||||||||||
Cost of sales | 29.4 | % | 34.9 | % | |||||||||||||
Program cost amortization | 5.9 | 2.4 | |||||||||||||||
Royalties | 11.3 | 7.2 | |||||||||||||||
Product development | 6.8 | 6.7 | |||||||||||||||
Advertising | 8.4 | 9.4 | |||||||||||||||
Amortization of intangibles | 4.0 | 1.2 | |||||||||||||||
Selling, distribution and administration | 32.7 | 25.2 | |||||||||||||||
Acquisition and related costs | 1.2 | 0.0 |
Quarter Ended | |||||
March 29, 2020 | March 31, 2019 | ||||
Cost of sales | 23.8 | % | 35.5 | % | |
Program cost amortization | 12.0 | 0.9 | |||
Royalties | 10.2 | 8.2 | |||
Product development | 4.9 | 7.7 | |||
Advertising | 9.2 | 10.5 | |||
Amortization of intangibles | 3.3 | 1.6 | |||
Selling, distribution and administration | 25.2 | 30.8 | |||
Acquisition and related costs | 13.5 | 0.0 |
Six Months Ended | |||||||||||||||||
June 28, 2020 | June 30, 2019 | ||||||||||||||||
Cost of sales | 26.2 | % | 35.2 | % | |||||||||||||
Program cost amortization | 9.3 | 1.8 | |||||||||||||||
Royalties | 10.7 | 7.6 | |||||||||||||||
Product development | 5.7 | 7.1 | |||||||||||||||
Advertising | 8.9 | 9.9 | |||||||||||||||
Amortization of intangibles | 3.6 | 1.4 | |||||||||||||||
Selling, distribution and administration | 28.5 | 27.5 | |||||||||||||||
Acquisition and related costs | 8.1 | — |
March 29, 2020 | March 31, 2019 | % Change | June 28, 2020 | June 30, 2019 | % Change | |||||||||||||||||||||
Cash and cash equivalents (including restricted cash of $86.2 and $0) | $ | 1,237.9 | 1,196.6 | 3 | % | Cash and cash equivalents (including restricted cash of $86.2 and $0) | $ | 1,038.0 | 1,151.0 | -10 | % | |||||||||||||||
Accounts receivable, net | 963.8 | 638.4 | 51 | % | Accounts receivable, net | 911.3 | 805.3 | 13 | % | |||||||||||||||||
Inventories | 444.4 | 491.8 | -10 | % | Inventories | 564.2 | 564.8 | — | % | |||||||||||||||||
Prepaid expenses and other current assets | 672.4 | 305.1 | >100% | Prepaid expenses and other current assets | 672.2 | 309.0 | >100% | |||||||||||||||||||
Other assets | 1,461.5 | 739.7 | 98 | % | Other assets | 1,329.1 | 665.2 | 100 | % | |||||||||||||||||
Accounts payable and accrued liabilities | 1,664.7 | 935.3 | 78 | % | Accounts payable and accrued liabilities | 1,596.6 | 1,059.9 | 51 | % | |||||||||||||||||
Other liabilities | 739.0 | 636.1 | 16 | % | Other liabilities | 771.7 | 554.2 | 39 | % |
March 29, 2020 | March 31, 2019 | June 28, 2020 | June 30, 2019 | |||||||||||||||
Net cash provided by (used in) | Net cash provided by (used in) | |||||||||||||||||
Operating activities | $ | 291.6 | $ | 264.5 | Operating activities | $ | 258.3 | $ | 336.3 | |||||||||
Investing activities | (4,430.5 | ) | (27.0 | ) | Investing activities | (4,454.8) | (60.5) | |||||||||||
Financing activities | 819.5 | (220.4 | ) | Financing activities | 678.5 | (306.6) |
Remainder 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | Remainder 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Future film and television obligations | $ | 75.7 | 17.1 | 1.7 | — | — | — | 94.5 | Future film and television obligations | $ | 35.9 | 42.4 | 1.8 | — | — | — | $ | 80.1 | ||||||||||||||||||||||||||||||||||||||||||||
First-look commitments | 18.7 | 15.9 | 7.7 | — | — | — | 42.3 | First-look commitments | 10.4 | 16.0 | 7.3 | — | — | — | 33.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating lease commitments | 15.8 | 13.2 | 8.9 | 7.5 | 6.2 | 21.7 | 73.3 | Operating lease commitments | 32.4 | 14.3 | 11.6 | 10.5 | 9.3 | 23.0 | 101.1 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 110.2 | 46.2 | 18.3 | 7.5 | 6.2 | 21.7 | 210.1 | $ | 78.7 | 72.7 | 20.7 | 10.5 | 9.3 | 23.0 | $ | 214.9 |
•delays in entertainment content releases from our partners and licensors, or changes in release plans, that can adversely impact our product sales; examples of releases that have been delayed include Disney’s MULAN, MARVEL’S BLACK WIDOW and SONY PICTURES GHOSTBUSTERS AFTERLIFE; • |
•other negative effects of the coronavirus on our business, including increased risks of accounts receivable collection, delays in payment and negotiations with customers or licensees over payment terms or the ability to perform under contracts or licenses. Although our principal manufacturers across the world are currently operating, during 2020 we have experienced and could experience further disruptions in |
Period | (a) Total Number of Shares (or Units) Purchased | (b) Average Price Paid per Share (or Unit) | (c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | |||||||||
January 2020 | |||||||||||||
12/30/19 – 1/26/20 | — | $ | — | — | $ | 366,592,558 | |||||||
February 2020 | |||||||||||||
1/27/20 – 3/1/20 | — | $ | — | — | $ | 366,592,558 | |||||||
March 2020 | |||||||||||||
3/2/20 – 3/29/20 | — | $ | — | — | $ | 366,592,558 | |||||||
Total | — | $ | — | — | $ | 366,592,558 |
Period | (a) Total Number of Shares (or Units) Purchased | (b) Average Price Paid per Share (or Unit) | (c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | |||||||||||||||||||
April 2020 | |||||||||||||||||||||||
3/30/20 – 4/26/20 | — | $ | — | — | $ | 366,592,558 | |||||||||||||||||
May 2020 | |||||||||||||||||||||||
4/27/20 – 5/31/20 | — | $ | — | — | $ | 366,592,558 | |||||||||||||||||
June 2020 | |||||||||||||||||||||||
6/1/20 – 6/28/20 | — | $ | — | — | $ | 366,592,558 | |||||||||||||||||
Total | — | $ | — | — | $ | 366,592,558 |
3.1 | ||||||
3.2 | ||||||
3.3 | ||||||
3.4 | ||||||
3.5 | ||||||
3.6 | ||||||
3.7 | ||||||
3.8 | ||||||
3.9 | ||||||
4.1 | ||||||
4.2 | ||||||
4.3 | ||||||
4.4 | ||||||
4.5 | ||||||
4.6 | ||||||
4.7 | ||||||
4.8 | ||||||
10.1* | ||||||
31.2** | ||||||
32.1** | ||||||
32.2** | ||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||
101.LAB | XBRL Taxonomy Extension Labels Linkbase Document | |||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
HASBRO, INC. | ||||||||
(Registrant) | ||||||||
Date: July 30, 2020 | ||||||||
By: /s/ Deborah Thomas | ||||||||
Deborah Thomas | ||||||||
Executive Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) |